A Nevada credit union and two technology vendors will introduce a new mobile payments system on Sept. 24.
The system, called CU Wallet, is specifically geared for credit unions. Its introduction comes as credit unions and banks are still piloting digital wallet products provided by Visa, MasterCard, Google and other providers.
From a credit unions perspective, really, theres not much choice out there that will benefit credit unions in the long run, in terms of a comprehensive mobile wallet-like solution, Paul Parrish, chief financial officer for One Nevada, said Sept. 20. Nevadas biggest credit union is expected to pilot CU Wallet, which is based in Los Angeles.
The new system is being developed by Paul Fiore, who started internet banking vendor Digital Insight; Kirk Drake, founder of Ongoing Operations, the disaster recovery CUSO; and payments industry consultant Richard Crone. Because it will be owned by credit unions as a CUSO, the founders say it will provide the credit union community with a differentiated mobile payments infrastructure.